Last quarter, Microsoft’s (NASDAQ:) solid earnings results helped kick off a sharp rally in the stock. Part of this rise had to do with Microsoft’s guidance, which was better than many analysts had expected.
Soon after, Microsoft, along with the broader market, went through a steep decline as coronavirus fears began reshaping the economic landscape. Fuelling the slide, Microsoft warned that it wouldn’t meet that positive guidance because of supply-chain disruptions. But in mid-March, Microsoft shares caught an updraft, helping it gain steam heading into its Q3 reporting season. Shares are actually up slightly year-to-date, an accomplishment that’s hard to find in a market where the is down more than 15% (see chart below).
We know that COVID-19 has roiled markets overall, creating wicked short-term volatility and longer-term uncertainty. We know that factory shutdowns and transportation disruptions have slowed the supply chain. But some companies are more broadly…
